RealtyTrac Reports Third Quarter Foreclosure Starts Down 14 Percent From Year Ago to 10-Year Low

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q3 and September 2015 U.S. Foreclosure Market Report™, which shows a total of 327,258 U.S. properties with foreclosure filings — default notices, scheduled auctions and bank repossessions — in the third quarter of 2015, down 5 percent from the previous quarter but up 3 percent from the third quarter of 2014.

 “The widespread rise in foreclosure activity in the third quarter compared to a year ago is the result of two starkly different trends taking place,” said Daren Blomquist, vice president at RealtyTrac.

“In states such as New Jersey, Massachusetts, and New York, a flood of deferred distress from the last housing crisis is finally spilling over the legislative and legal dams that have held back some foreclosure activity for years.

“That deferred distress often represents properties with deferred maintenance that will sell at more deeply discounted prices, creating a drag on overall home values.

“On the other hand, in states such as Texas, Michigan and Washington, the third quarter increases are a sign that the foreclosure market has settled into a normalized pattern close to or even below pre-crisis levels, and in those states the overall housing market should easily absorb the additional foreclosure activity with little impact on home values.”

For a complete copy of the company’s news release, please contact:

Jennifer von Pohlmann

Sr. Data PR Manager

 Office: 949.502.8300 ext 139

 jennifer.vonpohlmann@realtytrac.com

Lexington Homes to Break Ground on New Townhomes at Lexington Chase in Palatine, IL

Jeff Benach

CHICAGO, IL – Chicago-based Lexington Homes has announced plans to break ground in early October on 24 townhomes at Lexington Chase in Palatine, Illinois.

The new homes, which were designed specifically for this community, will be available for delivery in early 2016. Lexington Chase marks Lexington’s third townhome development in Palatine within the past three years.

“The townhomes offered at Lexington Chase are Lexington Homes’ latest and greatest floor plans that are designed to live more like a single-family home, with extra functional and flexible living areas,” said Jeff Benach, co-principal of Lexington Homes.

“We’ve had a tremendous amount of success at our two other Palatine townhome communities – Lexington Hills and Lexington Oaks – and we anticipate Lexington Chase will generate even more interest thanks to its spacious floor plans that can accommodate any lifestyle.”

For a complete copy of the company’s news release, please contact:

Kelly Shumaker kshumaker@taylorjohnson.com, (312) 267-4519

Emily Johnson, ejohnson@taylorjohnson.com, (312) 267-4522

American Realty Advisors Sells Class A 368-Unit Multifamily Community in Prime Chicago Submarket

Debbie Corson

 AURORA, IL – American Realty Advisors, an institutional real estate investment manager with over $7 billion in assets under management, has sold a Class A, 368-unit multi-family apartment community in the Chicago submarket of Aurora, Illinois. 

The property was purchased by The Connor Group for an undisclosed amount.

“Institutional and private equity investor interest in high-quality multi-family product throughout this region is currently strong,” says Martha Shelley, a Portfolio Manager at American Realty Advisors.

 “Investors are actively seeking core assets in Chicago submarkets, which made this disposition well-timed to deliver a strong return on behalf of our investors.”

Shelley adds that the asset’s location in close proximity to schools, retail and strong employment hubs in the medical and education fields helped to attract investor interest for the asset.

“We were actually one of the first institutional owners in this market to recognize the value of a capital improvement program when we implemented a renovation plan in 2009-10,” explains Shelley.

Aurora, IL apartments

 “By upgrading the asset, we were able to increase the value of the property for our investors, while also increasing our ability to compete with newer luxury product in the market.” 

At the time of the sale, the 368-unit apartment community was 96% occupied.

The apartment community is located at 1840 Clubhouse Drive in Aurora, Illinois. American Realty Advisors was represented by Susan Lawson and Debbie Corson of ARA Newmark.

For a complete copy of the company’s news release, please contact:

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

  www.americanreal.com.

National Retail Properties Inc. Marks 26th Consecutive Annual Dividend Increase

ORLANDO, FL -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly  dividend of 43.5 cents per share payable November 16, 2015 to common shareholders of record on October 30, 2015.

 National Retail Properties is one of only four publicly traded REITs and 99 publicly traded companies in America to have increased annual dividends for 26 or more consecutive years.

For a complete copy of the company’s news release, please contact:

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348

Shopoff Realty Investments Acquires Value-Add Industrial Property Near Minneapolis, MN

William Shopoff

 Coon Rapids, MN –Shopoff Realty Investments announced the company has acquired a 261,805-square-foot office/manufacturing building in the Minneapolis suburb of Coon Rapids, MN.

The acquisition was capitalized in a tenant-in-common structure through co-investments from two Shopoff affiliated funds, and a private third party 1031 exchange investor.

“The property, located at 8840-8800 Evergreen Boulevard, is in an industrial submarket of Minneapolis with limited vacancy and stable rental rates,” said William Shopoff, chief executive officer of Shopoff Realty Investments.

“While it is currently 100 percent occupied, we have formulated a strategy to increase the income and value of the asset by marketing and leasing an additional 86,000-square-foot building which can be developed on the existing property.”

 The property is currently leased to two credit-grade tenants,  Honeywell (NYSE:HON), a Fortune 100 company focused on global technology and aircraft parts, and MEDRAD, a wholly owned subsidiary of innovative medical company Boston Scientific (NYSE:BSX).

For a complete copy of the company’s news release, please contact:

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

George Smith Partners Secures $20.9 Million in Financing for Acquisition of Gershwin Apartments in Hollywood, CA

Gershwin Apartments, Hollywood, CA

 LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully secured $20.9 million in bridge financing on behalf of its client, Massie Capital and Glenn & Shannon Dellimore for the $25 million acquisition of Gershwin Apartments, a 163-unit apartment community including 10,500 square feet of ground floor retail space located in Hollywood, California.

  The bridge financing was arranged by George Smith Partners Principal Shahin Yazdi.

Shahin Yazdi

The property, a five-story historic brick building constructed in 1927, was formerly known as the Gershwin Hotel, which was redeveloped into an apartment community in 2013 by the previous owner, CIM Group.

“Hollywood is an up and coming area in the Los Angeles market,” said Yazdi.  “This city has truly experienced a revitalization in recent years, and is now seeing an influx of young professionals seeking a trendy, urban lifestyle.”

The Gershwin Apartments property is located on Hollywood and Western, an area that has been rapidly growing and has had many new development projects in recent years, according to Yazdi.

“This area of the city offers tremendous potential for investors who want to capitalize on the market’s trend towards urbanization,” he explained. 

“Located less than one block from the Red Line stop at Western Boulevard, the Gershwin Apartments were designed to leverage current demand for urban product. The asset features a mix of small units, including 105 efficiency units with kitchenettes that total less than 350 square feet each.”

For a complete copy of the company’s news release, please contact:

Corynne Randel/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

www.GSPartners.com.

MHA Brokers Sales of Three Raleigh-Durham, NC Apartment Communities for a Total $62.4 Million

  

Jordan McCarley

 CHARLOTTE, NC — Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of three apartment communities for a total of $62.4 million.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions. MHA has now brokered the sale of seven properties in the Research Triangle Region over the past twelve months.

“With employment and population growth figures maintaining a fundamentally optimistic picture, investment capital continues to flow into the Triangle region,” Robinson said. 

“All three of these properties are uniquely positioned to benefit from thoughtful value-add initiatives that will bridge the gap between newer product, allowing promising rent growth and returns.”

Details of the deals are below:

·        Atlanta-based TriBridge Residential sold The Hamptons at RTP to Cortland Partners, also based out of Atlanta, for $34.6 million. The 286-unit property is located in Durham, N.C. and was built in 1998.

·        Los Angeles-based Robertson Properties Group sold Emerald Forest to Somerset Partners, based out of New York. The 320-unit property is located in Durham, N.C. and was built in 1985.

·        New York-based JEM Holdings purchased Westchester from Carlisle Residential, based out of Greensboro, S.C., for $8.25 million. The 160-unit property is located in Garner, N.C., just south of downtown Raleigh.

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 For a complete copy of the company’s news release, please contact:

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

NAI Realvest Closes New Long Term Lease Agreement for 13,777 Square Foot Medical Professional office in Sebring, FL

Chris Adams

 ORLANDO, Fla. -- NAI Realvest recently negotiated a long-term lease for 13,777 rentable square feet of medical professional office space at 5825 Frontage Rd. off Highway 27 N. in Sebring.

Chris Adams, associate at NAI Realvest, brokered the transaction representing the landlord, Triple A Properties, Inc. of Winter Haven.  

The local tenant is Bassetti & Associates, MD PA a medical practice that has been serving Highlands County since 1985. 

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 For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or

407-461 3781 lvershelco@aol.com

Hold-Thyssen Negotiates Long Term Lease with Rheumatologists Regal Oaks Plaza West in Weeki Wachee, FL

Carol L. Kinnard

TAMPA, Fla. --- Carol L. Kinnard, transaction specialist at Hold-Thyssen, LLC, a commercial real estate services firm with offices in Tampa, recently negotiated a long-term lease for medical offices in Weeki Wachee in Hernando County.  

Dr. Farrukh Zaidi and Dr. Mohammed Mughni leased 1,802 square feet of medical office space at Regal Oaks Plaza West, 6475 Oregon Jay Rd. joining other medical service providers at the development. 

Regal Oaks Development Group, Inc. is the landlord.  

Drs. Zaidi and Mughni, long-standing clients of Kinnard who represented them in the transaction, said their new suite provides greater patient space and parking than the facilities they outgrew on the Oak Hill Hospital campus. Their rheumatology practice has multiple locations in the Tampa Bay area.

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 For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or

407-461 3781 lvershelco@aol.com

Crossman & Company Negotiates $5.5 Million Price in Sale of Neighborhood Retail Center in Austell, Ga

  

Brian Carolan

 ATLANTA, GA  – Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated a $5.5 million price in the sale of the East West Shoppes, an 85,565 square foot neighborhood retail center in Austell, Ga. in the Atlanta MSA.

Brian Carolan, Crossman & Company’s Director of Investment Sales, along with Senior Managing Director, Bruce Lyons and the firm’s Chief Operating Officer in Atlanta John Zielinski, represented the seller in this transaction.

 The seller is a Miami-based special servicer. A Boca Raton private investor is the buyer of the retail center.

 East West Shoppes consists of five buildings on a 15.74 acre parcel at 1025 East-West Connector in Austell in Cobb County. The center was constructed in phases between 2001 and 2004 and was 75 percent leased at the time of the sale.

Major tenants include Starbucks, Discount Tires, American Family Insurance and Apex Animal Hospital. Crossman & Company will continue to lease and manage East West Shoppes.

 For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or

407-461 3781 lvershelco@aol.com

Gaedeke Holdings XII Rechristens Miami Landmar To Brickell Arch – The Gateway to the Americas

Brickell Arch, 1395 Brickell Avenue, Miami, FL

MIAMI, FL – Gaedeke Holdings XII has selected "Brickell Arch" as the new name for its recently acquired Espirito Santo Plaza in Miami's Financial District to create a readily identifiable brand for financial and commercial markets worldwide.

"Every major city has a well-known business address. When you hear Brickell, you know it's Miami," says Sabine Gaedeke Stener, CEO of the Dallas-based investment group. "And when you hear Brickell Arch, you'll know which building it is in the Financial District."

As part of the acquisition, Gaedeke was required to rename the 36-story, 266,692-rsf landmark, which sits on an entire block at the southern end of Brickell Avenue – the "Wall Street" of Latin America. 

The challenge was creating a name that would resonate in international circles, particularly for those businesses and financial institutions in Brickell Arch's diverse tenant mix.

"Gaedeke is only the second owner of the property. It was an enormous responsibility to come up with a name that would be meaningful and have a lasting impression," says Kirk Fetter, Gaedeke's vice president of leasing. "Brickell Arch is short, descriptive and memorable."

Sabine Gaedeke Stener

Developed in 2004, the 505-foot Brickell Arch fronting 1395 Brickell Ave. is a simple, elegant, sculptural design by Kohn Pederson Fox Associates. 

Its concave figural arch symbolizes the Gateway to the Americas, a feature patterned after the St. Louis Arch. 

That and Miami's reputation as "the Gateway to Latin America" weighed heavily on Gaedeke's final decision as did Brickell Avenue's dominance as the major financial district for the city and South America.

Settled in the mid-1800s, Brickell became known as Miami's "Millionaire's Row" by the early 1900s. The genesis for Brickell's 21st century success began in the 1970s, when a development  boom replaced the historic mansions with office towers, hotels and apartments.

Today, Brickell lined with office high rises and condominium towers is the city's most elite address for business, finance and high-net wealth individuals and investors.

 Miami boasts more than 1,250 multinational corporations with Latin American divisions, 121 banks or banking divisions, 25 foreign trade offices, 64 consulates and 40 bi-national chambers of Commerce.

Gaedeke's new holding, Brickell Arch, was named to the AIA Florida Chapter's list of "Florida Architecture: 100 Years. 100 Places" in 2012.

For a complete copy of the company’s news release, please contact:

Kirk Fetter, 561-515-7407